Before offering a person a private education loan that is being used to refinance an existing education loan, a private educational lender shall provide the person with a disclosure explaining that the benefits and protections applicable to the existing loan may be lost due to the refinancing. The disclosure must be provided on a one-page information sheet in at least 12-point type and must be written in simple, clear, understandable, and easily readable language.
110 ILCS 983/30
Refinancing
Known as the Know Before You Owe Private Education Loan Act
The act spans §§ 110-983-1 to 110-983-99 (8 sections).
P.A. 103-748, eff. 8-2-24.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.